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Post by Tim on Aug 7, 2018 5:33:40 GMT -6
^ so what does that mean for the coyotes? Didn't you post something s few months the ago that implied the NHL wants them to figure out a long term plan this year? I posted that above. It was just a rumor from a guy on HF boards. What I think this means is that AEG and Glendale don't give a crap if the Coyotes stay or go. They are free to stay though under the current arrangement. My opinion is that I don't think they will ever leave the area. They will wait for a new arena. If it takes 10 years and $20M+ losses per year so be it. Bettman and the NHL are all in on Phoenix. The entire area needs to be smart and say no to a new arena. It won't make a difference and the team will stay without one. Bettman isn't ever going to admit defeat on Phoenix. The NHL doesn't want Quebec for sure and knowing them they will find a reason to also reject Houston. will be happy to take there old arena.
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Post by mikecubs on Aug 15, 2018 23:07:04 GMT -6
Arizona Coyotes Burned Through About $50 Million Last YearThe 2018-2019 season could be quite daunting for Arizona Coyotes. There’s a good reason Andrew Barroway wants investors for the Arizona Coyotes. His NHL team is burning cash at a rapid pace. Sources familiar with the team’s situation, but not authorized to speak about it publicly, say the Coyotes have been averaging cash losses of around $30 million a year the past five years, and during the latest fiscal year they estimate team lost some $50 million. That’s a big loss when revenues are only $300 million or thereabouts. Why so much blood? The Coyotes are among the league’s bottom three in attendance year in and year out. Another reason is the team’s tremendous debt, which is now around $300 million. The vig is not cheap. In 2017, Barroway bought out his partners in a what I called “the riskiest deal I can recall in recent memory.” In his dash for cash, Barroway is looking for a $500 million valuation for the Coyotes. We valued the team at $300 million last November. www.forbes.com/sites/mikeozanian/2018/08/14/arizona-coyotes-burned-though-50-million-last-year/#529f97884a13
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Post by mikecubs on Aug 15, 2018 23:10:19 GMT -6
A poster on field of schemes who has followed the Coyotes mess from the beginning says the team has lost $550M since 2003.
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Post by Ric O. on Aug 16, 2018 17:24:09 GMT -6
Arizona Coyotes Burned Through About $50 Million Last YearThe 2018-2019 season could be quite daunting for Arizona Coyotes. There’s a good reason Andrew Barroway wants investors for the Arizona Coyotes. His NHL team is burning cash at a rapid pace. Sources familiar with the team’s situation, but not authorized to speak about it publicly, say the Coyotes have been averaging cash losses of around $30 million a year the past five years, and during the latest fiscal year they estimate team lost some $50 million. That’s a big loss when revenues are only $300 million or thereabouts. Why so much blood? The Coyotes are among the league’s bottom three in attendance year in and year out. Another reason is the team’s tremendous debt, which is now around $300 million. The vig is not cheap. In 2017, Barroway bought out his partners in a what I called “the riskiest deal I can recall in recent memory.” In his dash for cash, Barroway is looking for a $500 million valuation for the Coyotes. We valued the team at $300 million last November. www.forbes.com/sites/mikeozanian/2018/08/14/arizona-coyotes-burned-though-50-million-last-year/#529f97884a13 Hard to believe they had anywhere near 300MM in revenue... I would have thought closer to 100MM or less.
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Post by mikecubs on Aug 17, 2018 3:06:02 GMT -6
Arizona Coyotes Burned Through About $50 Million Last YearThe 2018-2019 season could be quite daunting for Arizona Coyotes. There’s a good reason Andrew Barroway wants investors for the Arizona Coyotes. His NHL team is burning cash at a rapid pace. Sources familiar with the team’s situation, but not authorized to speak about it publicly, say the Coyotes have been averaging cash losses of around $30 million a year the past five years, and during the latest fiscal year they estimate team lost some $50 million. That’s a big loss when revenues are only $300 million or thereabouts. Why so much blood? The Coyotes are among the league’s bottom three in attendance year in and year out. Another reason is the team’s tremendous debt, which is now around $300 million. The vig is not cheap. In 2017, Barroway bought out his partners in a what I called “the riskiest deal I can recall in recent memory.” In his dash for cash, Barroway is looking for a $500 million valuation for the Coyotes. We valued the team at $300 million last November. www.forbes.com/sites/mikeozanian/2018/08/14/arizona-coyotes-burned-though-50-million-last-year/#529f97884a13 Hard to believe they had anywhere near 300MM in revenue... I would have thought closer to 100MM or less. I think you are right and that is a typo or they mean $300M for the last 3 years. For the year before(2016-17) the Rangers lead the NHL in revenue with $246 and the Coyotes had only $98M. The average NHL revenue that season was $147.63M.
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Post by iceland2018 on Aug 17, 2018 6:40:37 GMT -6
^ so what does that mean for the coyotes? Didn't you post something s few months the ago that implied the NHL wants them to figure out a long term plan this year? I posted that above. It was just a rumor from a guy on HF boards. What I think this means is that AEG and Glendale don't give a crap if the Coyotes stay or go. They are free to stay though under the current arrangement. My opinion is that I don't think they will ever leave the area. They will wait for a new arena. If it takes 10 years and $20M+ losses per year so be it. Bettman and the NHL are all in on Phoenix. The entire area needs to be smart and say no to a new arena. It won't make a difference and the team will stay without one. Bettman isn't ever going to admit defeat on Phoenix. The NHL doesn't want Quebec for sure and knowing them they will find a reason to also reject Houston. Not true. The NHL desperately wants Houston. In fact, Houston holds the cards right now, since the NHL wants Houston far more than Houston wants the NHL. If the new owner of the Rockets and the arena tried to buy the Coyotes and bring them to Texas, the NHL would be ecstatic. However, the owner has indicated that he does not wish to pay $650 million for an expansion team, and "the price has to be right."
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Post by mikecubs on Aug 17, 2018 7:33:10 GMT -6
I posted that above. It was just a rumor from a guy on HF boards. What I think this means is that AEG and Glendale don't give a crap if the Coyotes stay or go. They are free to stay though under the current arrangement. My opinion is that I don't think they will ever leave the area. They will wait for a new arena. If it takes 10 years and $20M+ losses per year so be it. Bettman and the NHL are all in on Phoenix. The entire area needs to be smart and say no to a new arena. It won't make a difference and the team will stay without one. Bettman isn't ever going to admit defeat on Phoenix. The NHL doesn't want Quebec for sure and knowing them they will find a reason to also reject Houston. Not true. The NHL desperately wants Houston. In fact, Houston holds the cards right now, since the NHL wants Houston far more than Houston wants the NHL. If the new owner of the Rockets and the arena tried to buy the Coyotes and bring them to Texas, the NHL would be ecstatic. However, the owner has indicated that he does not wish to pay $650 million for an expansion team, and "the price has to be right." Jeremy Jacobs is the only one who has indicated a preference for the Houston market. We don't know how Bettman feels. 1. There is 0 indication the NHL wants to move the Coyotes even for Houston 2. I agree with you about the cost. That will be the way the reject Houston. The Rockets owner wants them at HIS price is the rumor. The NHL should give in and let him have his way since Houston is a huge market and the NHL needs it at all cost. My guess is the NHL will want an expansion price and screw it up and lose Houston(along with continuing to reject Quebec). The Coyotes fiasco will go on forever. After $550M(ish) in losses since 03 the NHL will NEVER admit defeat. If they were going to be moved it would have happened after the city council removed the illegal arena management fee.
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Post by mikecubs on Aug 10, 2019 11:27:21 GMT -6
New ownership: Alex Meruelo officially purchases majority stake in Arizona CoyotesBillionaire entrepreneur Alex Meruelo is the new owner of the Arizona Coyotes. A ccording to sources, the 55-year-old Meruelo purchased a 95 percent stake in the organization, a sale formally announced by the team on Monday.
“This is an incredible moment for me and my entire family,” Meruelo said in a release. “The Arizona Coyotes team is poised to do great things on and off the ice. I look forward to helping hockey continue to thrive in the desert, and I am committed to providing our passionate fans, loyal partners and the entire State of Arizona with a team they can be proud of for years to come.” Former majority owner Andrew Barroway retained a 5 percent minority stake and will remain with the club as an alternate governor.In the release, Meruelo thanked Barroway for his work with the Coyotes. “Andy deserves credit for stabilizing the franchise and for growing the game of hockey in Arizona,” Meruelo said. “I look forward to working with him in the future and want to thank him for his hard work and commitment to the team.” The son of Cuban immigrants, Meruelo is the only Hispanic individual to own a controlling interest in an NHL club. Meruelo is expected to be formally introduced to the local media in a press conference on Thursday at Gila River Arena. Who is Alex Meruelo? Meruelo, 55, is a son of Cuban immigrants with a history of buying undervalued assets and holding onto them. It is believed that Meruelo would be the first and only Latino owner in the NHL. Meruelo could unlock opportunities in a metro Phoenix market that has a Hispanic population of more than 42 percent, according to the U.S. Census Bureau. Meruelo began his business career working for his father's tuxedo company before purchasing a failing California pizza restaurant. He rebranded it to cater to Latinos by offering toppings such as chorizo and jalapeños. The chain opened 12 locations and exceeded $10 million in sales within five years of Meruelo's takeover. He was also involved in a bid to purchase the Atlanta Hawks in 2011, but the deal did not go through. Meruelo told the Los Angeles Times that the deal was too highly leveraged and that he was asked to pay more than originally asked.
It appears that the Coyotes would be Meruelo's first sports-related purchase since his terminated bid to buy the Hawks. Meruelo is also the founder of Meruelo Group, which as a construction and real estate development firm with a number of other assets, including several in the American Southwest. The Meruelo Group has no outside investors, which makes Meruelo the sole owner of his various companies. www.azcentral.com/story/sports/nhl/coyotes/2019/07/29/alex-meruelo-announced-new-owner-arizona-coyotes/1859095001/
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Post by mikecubs on Dec 16, 2019 19:12:14 GMT -6
Coyotes stay put in Glendale another season, five years after insisting they were gonePosted on December 16, 2019 by Neil deMause Hey, it’s been a while since we checked in with the Arizona Coyotes, whose then-owner Anthony LeBlanc in 2015 objected to not getting paid by the city to operate their own arena by saying he was talking to lots of other cities, then signed another lease extension in 2017, then signed another one this January. What’s the latest? Arizona Coyotes officials have confirmed the team will stay in Glendale for another season as the team draws larger crowds to Gila River Arena than it has in years. “We will absolutely play the 2020-2021 NHL season in Gila River Arena,” Coyotes CEO Ahron Cohen said in a statement on Friday. Coyotes attendance was indeed up ever so slightly last year, and they’re currently only fourth-worst in the NHL, ahead of the Florida Panthers, New York Islanders, and Ottawa Senators. The team’s new owner has said that staying n Glendale without a new arena would be “difficult,” and NHL commissioner Gary Bettman said last summer that the current situation is “not viable long-term,” but at a certain point actions speak louder than words, and the fact of the matter is that we’re now going on five years since LeBlanc threatened to leave town if he didn’t get to keep his sweetheart arena lease, and the team is still there, with no serious relocation talks underway that anyone has publicly reported on.
I never want to suggest that pro sports teams’ move threats are entirely a bluff: They do move on occasion, though it’s way more common in the NFL where local cable market size isn’t an issue and there are a lot fewer tickets needing to be sold; and Phoenix has never really been a hockey hotbed, so there are arguably other markets the Coyotes could viably leave for. Still, it’s a good reminder that the number of teams that move is a tiny, tiny fraction of the number whose owners threaten to move, and in almost every case there’s a long, drawn-out negotiating process before the moving trucks are actually packed up. So as memorable an image as the Baltimore Colts packing up their Mayflower vans may be, usually playing hardball over a lease doesn’t result in losing a team “overnight,” so maybe we can all stop using that word? www.fieldofschemes.com/2019/12/16/15569/coyotes-stay-put-in-glendale-another-season-five-years-after-insisting-they-were-gone/
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Post by mikecubs on Dec 16, 2019 19:14:57 GMT -6
Boy the Glendale mayor looks good on this and the old city council awful. He takes away the subsidy and the not only do you save the money but you still keep the team due to the NHL being 100% bat Crap crazy.
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Post by ekjet72 on Dec 16, 2019 23:40:51 GMT -6
The comment about teams not moving resonates with me about our debacle in Calgary. First thing out of people's mouths in Calgary, on both sides, was "but the Flames will leave"! Burke in a fit said there were plenty of places to move the team. That pissed a few locals off. But it all worked out for the team in the long run as they got the city to up its commitment from 0 to $290M. Hopefully the new owner in Phoenix gets lucky with a good team, increased attendance and a deep playoff run. Then, maybe then,they can hold up the "we will move" card again.
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Post by mikecubs on Dec 17, 2019 18:14:03 GMT -6
The comment about teams not moving resonates with me about our debacle in Calgary. First thing out of people's mouths in Calgary, on both sides, was "but the Flames will leave"! Burke in a fit said there were plenty of places to move the team. That pissed a few locals off. But it all worked out for the team in the long run as they got the city to up its commitment from 0 to $290M. Hopefully the new owner in Phoenix gets lucky with a good team, increased attendance and a deep playoff run. Then, maybe then,they can hold up the "we will move" card again. Big difference between Calgary and Arizona is the pro south crowd is in total control of the game and are 100% ideologically motivated to keep the team in Arizona. Bettman couldn't care less if Calgary had a team or not ala Quebec.
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Post by mikecubs on Jun 11, 2020 5:38:57 GMT -6
Coyotes owner says he has many bigly arena offers, they’re just huge, reallyPosted on June 10, 2020 by Neil deMause Banking and media and food and casino billionaire Alex Meruelo bought a majority stake in the Arizona Coyotes almost exactly one year ago, which meant he inherited the franchise ownership’s mission of finding a Phoenix-area government to shake down for money for a new arena. And, guys, that’s no easy feat in the middle of a pandemic, but poor Alex is giving it his best shot: If it wasn’t for what happened with COVID, we’d be so much further ahead.” Meruelo said. “It’s really set us back at least six to nine months. I still hope and I plan, with [new team CEO] Xavier [Gutierrez]’s help — Xavier is very good at this — we’d like to get something announced by the end of the year. “We’re working very hard. What I can tell you is this: Xavier has moved down here. His whole family’s here with them. They bought a beautiful house. My son lives here. I’m not going to go anywhere and we’re committed to Arizona. It’s not that simple. And you ask, ‘Why?’ Well, we’re still right now currently playing in Glendale. You know very well we can’t leave tomorrow. It’s impossible to leave tomorrow, so I have to be there probably a couple more years. Now, Glendale has expressed a tremendous amount of interest in us staying there. So I will listen to what they have to say. But we’ve also gotten a couple offers from the East Valley, which are extremely attractive.” As Kent Somers of the Arizona Republic points out, that last bit is especially dubious, since if he’s gotten “extremely attractive” offers from the East Valley, he could have taken them long before the Covid epidemic hit. Far more likely is that Meruelo is just trying to keep the arena fires lit while the current crisis passes — he even hedged on a timeline for an announcement this year (“we’d like to”), which is great for getting headlines about how a new Coyotes arena is in the works while also retaining plausible deniability if December rolls around and he still has nothing to show for it. And it’s important to remember: What Meruelo is waiting for isn’t the money to build an arena — with a net worth of at least $2 billion and possibly a whole lot more, he has plenty of that — or even a place to build one, but rather for somebody else to offer him the money to build one. And since he’s fortunate enough to operate in a market that has multiple municipalities (plus Native American tribal entities) that he can play off against each other, his best bet for getting a bidding war going is to keep on talking about what excellent offers he’s gotten, and how [your city name here] had better step up to the table if it wants to have a shot. That’s just what savvy negotiators do. www.fieldofschemes.com/2020/06/10/16183/coyotes-owner-says-he-has-many-bigly-arena-offers-theyre-just-huge-really/#comments
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Post by mikecubs on Jun 11, 2020 5:40:41 GMT -6
Arizona Coyotes will have new arena deal by end of the year? Dream on.The Coyotes conducted a Zoom call Monday that was equal parts news conference and pep rally, complete with owner Alex Meruelo wearing a t-shirt imprinted with the sentence “I sure as s--t want to win.” It’s not often you see someone wearing a t-shirt featuring his own quote, but as we’ve been reminded nearly daily in 2020, these are unusual times. The main reason for the call was to announce Xavier Gutierrez as the Coyotes new president and CEO, replacing Ahron Cohen, who left the organization via the “mutually parted ways” door last spring. Gutierrez, the first Latino chief executive in NHL history, went to Harvard for his undergrad degree and to Stanford for law school, so he was smart enough to say all the usual things. He’s loved hockey since he discovered the sport while at Harvard. He’s long admired Meruelo, his partner in several business deals over the past 20 years or so. And he’s committed to finding solutions to the team’s arena problems that will allow the Coyotes to remain in Arizona long term. Are you a sports fan? Stay in the know. Subscribe to azcentral.com today Memorial Day sale: Subscriptions start as low as $1 for the first 3 months. Personal anecdotes aside, it’s the same stuff we’ve heard from every other Coyotes executive and owner over the years. As for Meruelo, we haven’t heard much, if anything, from him since his introductory news conference last summer. This could be because he has the self-awareness to realize that when he opens his mouth interesting sentences come out, like the “sure as s--t” comment a year ago. And owners of sports franchises generally have a policy against saying anything interesting. Questions about the pursuit of a new arena are required by statute for every major Coyotes press conference, and Gutierrez did the smart thing for a new guy by dancing around it. “This (Arizona) is home. We want to find the right solution. But everything is on the table, in terms of what makes sense for our team, for our fans and for this community. Clearly, there have been conversations predating me.” Mr. Meruelo also has his perspective, Gutierrez said. And then Meruelo shared it. “We will hopefully have something…” Meruelo started before changing course a bit. “This coronavirus, I can’t even begin to start, how much chaos it’s caused in our country, right?” Get the Arizona Coyotes Now newsletter in your inbox. Keep up-to-date on all your hockey news with this Coyotes daily newsletter. Meruelo said the team had a lot of “forward progress” toward an arena deal until the pandemic hit and it set them back. “My goal is to have something done by the end of the year. I believe if it wouldn’t have been for this situation, we’d be a lot further in the process.” It sounded like he was referring to the pursuit of a new arena, which the team realized it needed not long after moving into Gila River Arena in Glendale. But it was hard to tell for sure, so a few minutes later, I asked a follow up question. Did he say a new arena deal by the end of the year? “How do I say a lot without saying much?” he said, which is a sentence I’m confident will not be reprinted on t-shirts. Well, I said, he could just tell us what’s on. “You know very well if I say that, I’m going to get myself in a pickle right?” he said. “The fault that I have is I’m very transparent. You ask me a question, whether you like it or not, I’m going to give you an honest answer. “And I don’t have an honest answer right now.” Then he proceeded to answer. "Glendale has expressed “a tremendous amount of interest in us staying. So, I will listen to what they have to say. But we’ve also gotten a couple of offers from the East Valley, which are extremely attractive. “If wasn’t for what happened with COVID, we would be so much further ahead. It’s really set us back at least six to nine months.” Meruelo reiterated his goal was to reach an area deal by the end of 2020. I’m dubious. If Meruelo has received a couple of “extremely attractive” offers from the East Valley, why hasn’t he taken them? What’s he waiting for?
And what city or tribe is in position to make such an offer? Much less in the most difficult year (we hope) that most of us will experience? When it comes to a new arena, it’s not just COVID-19 that has set the Coyotes back. A new arena inevitably means taxpayers kicking in a share. There was no appetite for that pre-pandemic, so imagine the difficulty of selling that to residents who are hoping their unemployment checks aren't delayed because of errors on the application form.
You’re going to ask those folks to kick in money to build an arena for a hockey team owned by billionaire?
For the Coyotes, securing funding for a new arena by the end of any year, much less this one, is as difficult a task as there is in the business of sports.A new president and CEO, snappy quotes and cute t-shirts won’t change that. www.azcentral.com/story/sports/nhl/coyotes/2020/06/08/arizona-coyotes-alex-meruelo-xavier-gutierrez-nhl-arena-deal-update/5323511002/
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Post by mikecubs on Jun 29, 2020 2:37:22 GMT -6
Job #1 for Gutierrez: New Coyotes arenaby Kevin Reichard on June 25, 2020 in Hockey, NHL Xavier Gutierrez Newly installed team president Xavier A. Gutierrez says his most important task is planning and completing a new Coyotes arena, as the NHL team once again pushes a move from Glendale’s Gila River Arena. That the team is opening planning on a move from Gila River Arena is nothing new. And looking at a move to the East Valley isn’t a new thing, either. But now that Gutierrez is now on the job, it sounds like there’s a little more urgency in his desire to complete a new Coyotes arena plan. The Coyotes are committed to playing at Gila River Arena through the 2020-2021 NHL season on a year-to-year lease, but things are wide open after that. And Gutierrez, whose experience and expertise is on the business side of the ledger, says a big part of that new-arena planning will involve outreach to the greater Phoenix business community. That means locating a new arena on the eastern side of the Valley. From ESPN: “I know there have been a lot of conversations before I’ve gotten here,” Gutierrez told ESPN. “I’m going to reengage in all of the conversations that have been had, and start to go down the road of what makes sense. When I took the job, [owner] Alex Meruelo told me finding a solution for where we should be located was priority one through five. I thought it was one through five, and he quickly corrected me and said, ‘No, it’s priority one through 10 for you.'”… Gutierrez said any discussions around the new arena circle around the idea: what makes the most sense for long-term prosperity for the franchise. Gutierrez, who attended Harvard and Stanford Law School, has an investment background, and has also started a real estate private equity firm. “ The East Valley [in the Phoenix metropolitan area] is certainly where you see a lot of the corporate growth,” Gutierrez said. “What you’re seeing now, here in the East Valley, is the pop-up of the capital coming to what is clearly a growth-technology center. A perfect example of that is Silicon Valley Bank, for the first time ever, having a branch here.” arenadigest.com/2020/06/25/job-1-for-gutierrez-new-coyotes-arena/
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